Ripple‘s native asset XRP has been showing some strength in its chart in recent days. XRP is currently trading above $0.55 and the technical outlook suggests that the next price movement will be towards $0.60. Now, let’s see what’s next for Ripple’s XRP, and what are the details about the $1,000 prediction.
XRP Price Analysis
XRP’s price struggled to surpass the $0.60 resistance level against the US dollar in the previous week. Despite three attempts to break above $0.585, it failed to do so and this inability resulted in a correction. As a result of this correction, the price dropped below the $0.572 and $0.565 support levels. However, the bulls showed strength and prevented further decline, creating support around $0.532. The price bounced back from around $0.5316 and is currently trying to recover its losses. XRP is trading above $0.540 and is positioned above the 55 simple moving average on the four-hour timeframe.
The next important resistance level for the popular altcoin is around $0.565 or the 61.8% Fibonacci retracement level from $0.5859 to $0.5316, which extends downwards. Breaking strongly above this region could potentially trigger a strong upward movement.
On the downside, the first support is near $0.5440. Additionally, there is a significant upward trend line forming around $0.5440 on the four-hour XRP/USD chart, which provides support. The next major support below this level is at $0.532. Further downward momentum could pull the price towards $0.52, and below that, the price could even test the support zone at $0.505 in the short term.
Uphold Collaboration and $1,000 Prediction
Last week, Ripple announced its collaboration with Uphold to enhance the infrastructure and security on the platform. Currently, there are strong rumors surrounding this important collaboration, and when combined with Uphold’s previous discussions about XRP potentially reaching $1,000, it raises various questions about their involvement in the mentioned collaboration.
Uphold initially sparked these discussions with a tweet asking for information about the expectations and hopes of the XRP community regarding the price the altcoin could reach in the future. In response, some enthusiastic supporters of XRP expressed their hopes for the altcoin to surpass the $1,000 mark. Uphold’s initiative to engage with the XRP community and contribute to the excitement surrounding the altcoin has caused a great deal of excitement.
While Uphold’s previous interactions with the XRP community were part of a broader conversation, they reflected positive sentiments towards XRP. The community interpreted these discussions as potential signs of an upcoming bullish trend and a major breakout for XRP in the future. Some members of the XRP community speculated that Uphold’s previous posts may contain hidden messages about future collaborations or developments related to the altcoin, further fueling the speculation.
